Template revised April 12, 2018.
COMMISSION
AGENDA MEMORANDUM Item No. 10a.1
ACTION ITEM Date of Meeting November 18, 2025
DATE: November 1, 2025
TO: Stephen P. Metruck, Executive Director
FROM: Chris Wimsatt, Chief Financial Officer
Michael Tong, Director, Corporate Budget
SUBJECT: Adoption of Resolution No. 3840, Specifying the Dollar and Percentage Change in
the Regular Property Levy from the Previous Year per
RCW 84.55.120; Providing for an Increase of the Levy from a budgeted $88,389,944
to $90,180,054
ACTION REQUESTED
Request Adoption of Resolution No. 3840: A resolution of the Port Commission of the Port of
Seattle specifying the dollar and percentage change in the regular property levy from the
previous year per RCW 84.55.120; providing for a 2.0 percent increase of the levy from
$88,389,944 to $90,180,054.
EXECUTIVE SUMMARY
RCW 84.55.120 requires Washington State taxing districts to adopt a separate ordinance or
resolution specifically authorizing any increase in property tax levies. The resolution must also
specifically state the dollar increase and percentage change in the levy from the previous year.
In connection with the Port’s proposed 2026 budget, Resolution No. 3840 authorizes an increase
of $1,790,110, an estimated 2.0 percent increase in the Port tax levy from 2025. Excluding the
new construction and refund amount, the increase is $295,223 or an estimated 0.3 percent from
2024 for tax filing purposes. The Port’s estimated levy rate is $0.0998 per thousand of assessed
value for 2026.
ADDITIONAL BACKGROUND
The budget process includes planning, setting up and testing new budget modules in the budget
system, budget user training, department strategic and business planning, publishing budget
guidelines, establishing budget targets, entering budget data into the system, running budget
allocations and budget reports, conducting department and division reviews, executive reviews
and Commission reviews, preparing and publishing the preliminary budget document, a public
hearing, adoption of the final budget, filing the statutory budget with the King County Council
and Assessor’s Office, and the preparation and release of the final budget document.
COMMISSION AGENDA – Action Item No. 10a.1 Page 2 of 2
Meeting Date: November 18, 2025
Template revised September 22, 2016.
Prior to the Introduction and public hearing of the preliminary 2026 Budget on November 11,
2025, staff has provided 8 briefings to the Commission. The preliminary 2026 Budget was
provided to the Port Commission and made available to the general public on October 21, 2025.
An announcement of the preliminary budget and public hearing was made in the Daily Journal of
Commerce newspaper on October 30, 2025 and November 6, 2025.
After the public hearing and Commission adoption of a final plan, the statutory budget will be
filed with the King County Council and King County Assessor, as required by law. The final 2026
Budget and Draft Plan of Finance will be released to the public by December 5, 2025.
ATTACHMENTS TO THIS REQUEST
(1) Draft Resolution No. 3840
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS
November 11, 2025 – Introduction of 2026 Budget and Public Hearing
October 28, 2025 – 2026 Tax Levy and Draft Plan of Finance for 2026-2030 Briefing
October 28, 2025 – Aviation Division CIP Budget Briefing
October 14, 2025 (PM) –Maritime and Economic Development Division Operating and CIP
Budgets Briefing
October 14, 2025 (AM) – Aviation Division Operating Budget Briefing
September 23, 2025 – 2026 Central Services Preliminary Budget and Portwide Rollup Briefing
July 8, 2025 – 2026 Budget Development Briefing
June 17, 2025 – Commission Budget Retreat
